Represented Arm on Largest IPO of 2023
HOW WE DID IT
The Journey to IPO
Morrison Foerster, in its longstanding relationship with Arm Holdings plc (“Arm”), served as outside counsel leading Arm through its IPO process, assisting the Arm leadership team in navigating the many legal complexities of a critical, global transaction with touchpoints in the United States, Asia, and the UK.
Hailing from Cambridge in the UK, with offices located across the globe, Arm has an American CEO and a British Chief Legal Officer and is owned by a Japanese conglomerate and MoFo client, SoftBank. Arm is the world’s leading semiconductor IP company, with technologies reaching 70% of the global population. Its energy-efficient processor designs and software platforms have enabled advanced computing in more than 250 billion chips, and its technologies securely power products from the sensor to the smartphone and the supercomputer.
Arm is widely anticipated to play a central role in the emerging global AI ecosystem.
Executive Vice President and Chief Legal Officer, Arm Holdings
The MoFo team was the perfect partner for Arm on this critical transaction and their support was fantastic from start to finish. Justin and his team led us through a seamless IPO process and their level of responsiveness was exceptional.
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MoFo advised Arm in connection with its IPO on the Nasdaq Global Select Market. With a total deal value of approximately $5.22 billion, it is the largest U.S.-based IPO to date in 2023. It also represents the largest-ever U.S. IPO by a semiconductor company. In anticipation of the IPO, the MoFo team assisted Arm with its global restructuring, an effort that enabled Arm to maximize tax efficiencies and streamline international approval processes. In addition, our team helped Arm implement a global equity incentive plan for employees.
Arm announces confidential submission of registration statement with the Securities Exchange Commission (SEC).
Partner, Washington, D.C.
Partner, New York
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The deal was a global effort, led by an international team drawn from 14 of the firm’s offices. The capital markets transaction team was led by U.S. partners Justin Salon, John Hensley, and John Owen, as well as Jesse Gillespie in Japan. The core attorney team representing Arm also included Kenneth Siegel, Gary Brown, and Stuart Alford in the UK, Marcia Ellis in Hong Kong, and Andrew Meyer in Japan.
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Partner, Hong Kong
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August 20, 2023
Arm commences IPO roadshow.
September 5, 2023
Arm’s offering priced at the high end of the indicative range at $51.00 per American depositary share (ADS).
September 13, 2023
Arm’s ADS commenced trading on Nasdaq under the symbol “ARM.”
September 14, 2023